With the way COVID19 has transformed the business industry, startups are forced to rethink the way they run things:: from management to their business models. These companies will have to navigate the pandemic using whatever technology and expertise they already have.
Whilst comparatively smaller than other bigger MNCs and TNCs, startups still stand a fighting chance to survive this pandemic. If you’re a start up, here are 3 key lessons on leveraging capabilities and maximising teams.
1. Move Fast
In the face of a pandemic, it’s vital to move fast and fix what could be fixed. Operations had to be radically changed, where physical operations had to temporarily cease in Phase 1 and the start of Phase 2 in circuit breakers. Since the general public was discouraged from going out unless necessary, they were spending more time online than never before, in hopes to find a semblance of normalcy and simultaneously assuaging their boredom. Thus, businesses had little choice but to move over online, with many dabbling with online mechanics for the first time.
Whilst navigating a new platform needed time, many businesses were able to leverage on a platform that can still connect with their customers, and that would’ve otherwise been impossible in a pandemic. Companies are able to balance their needs with the needs of the consumers they serve. When these needs are in alignment, you are able to achieve many remarkable things.
2. Solving New Problems
In hopes to curb the spread of the novel coronavirus, several safety precautions have been implemented. However, these precautions have severely limited the mobility of both consumers and companies. This poses a handful of problems, which makes operations slightly challenging.
Proving one’s health condition has become the norm in this pandemic, and Orbs wanted to provide a solution for one to do so with maximum privacy. They wanted to develop blockchain applications to be the technological foundation for the set of challenges. As such, they designed a blockchain-based health passport where users can key in their test results cryptographically. On top of proving one’s health with minimal privacy infringement, countries are able to determine the terms in which they would allow an individual to enter, or otherwise.
The key is to have the eye to identify opportunities during a crisis. Not only are you able to tap on an opportunity, but you’d also be able to help other industries and countries to navigate the pandemic better.
3. Leverage Your Capabilities
Crisis or otherwise, it’s important to leverage your capabilities and work to fix your weaker areas. Your strong points will give your business a comparative advantage in your industry, even more if you engage in your own services and further develop them.
AI-powered insights company, Contextere, was able to use their machine learning and industrial data to improve their productivity initiatives. Not only does this approach allow them to eliminate rework within their company, but they also identified areas where they could develop it even further. Currently, they’ve deployed their AI technology to support frontline workers, effectively eliminating productivity barriers to their already overwhelming workload.
COVID19 has exposed existing weaknesses and vulnerabilities within the industries and effectively exacerbating them to make them far more complex. With regulatory restrictions in place to safeguard the health of the public, it’s imperative that businesses – start ups, MNCs, TNCs and many others – find a way to salvage their businesses, lest the economy collapses as a result.
At Greenhub Singapore, we are dedicated to assisting you in your journey to survive the pandemic. Our startup office spaces are designed to alleviate stress and encourage productivity and efficiency. Navigate COVID19 with your team with the help of a tranquil green and flexible office space with us here at Greenhub Singapore!